Private equity investment firm Tryko Partners has acquired Glendale Uptown Home and Lutheran Crossings, two nursing homes about 30 minutes from each other in the Philadelphia area.
The 240-bed Glendale in Philadelphia has been renamed Roosevelt Rehabilitation & Healthcare Center. It provides post-hospital care, short-term rehab and long-term residential care on a 1.8-acre property near Nazareth Hospital.
Lutheran Crossings at Moorestown, is a 201-bed skilled nursing/63-unit assisted living campus in Moorestown, NJ. The property is slated for a two-phase, $12 million improvement campaign under Tryko ownership.
Renovations to Roosevelt will include the addition of a state-of-the-art therapy gym, updates to a significant portion of patient rooms and common spaces including a second-story patio, and upgraded mechanical systems.
Tryko previously invested in two other local skilled nursing facilities.
“Roosevelt Rehabilitation & Healthcare Center’s prime location and our existing facilities’ established strong relationships within the regional healthcare community made it an ideal addition for our portfolio,” said Tryko’s Uri Kahanow, director of acquisitions. “We remain focused on expanding within this appealing market.” Both facilities have retained the services of Marquis Health Services, Tryko Partners’ healthcare affiliate. Marquis will create specialized programming to better meet local healthcare needs and oversee expansion and renovations.
